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Wells Fargo Asset-Based Lending Head Resigns
[Photo: by Sara Goth / Wikimedia Commons]
Apparently has nothing to do with Wells Fargo's account scandal.
Guy Fuchs, who heads Wells Fargo’s asset-based lending unit, has decided to resign. He will stay until 3/31/17 to help with the transition. A bank spokesperson said Fuchs resigned because he preferred working with colleagues and customers on transactions as opposed to having a role that required a large amount of administrative responsibilities.
Fuchs's resignation coincides with the bank’s reorganization of the unit he oversaw - Wells Fargo Commercial Finance, which has $250 billion in assets - although his boss, Ed Blakey, said that the reorganization had nothing to do with Fuchs' decision to leave. Blakely, who heads Wells Fargo Commercial Capital, will serve as interim head.
Wells Fargo Capital Finance works with companies across industries, including manufacturing, distribution, wholesale and service, according to the bank’s most recent Investor Day presentation. Beyond asset-based lending, the unit also oversees specialized senior-secured financing and financing for domestic and international trade.
